The Norwegian state-owned power utility Statkraft has agreed to acquire the 450MW Red John Pumped Storage Hydro Scheme from Intelligent Land Investments Group (ILI). The Hydro Scheme was first conceived in 2015, is located at 14 km southwest of Inverness (Northern Scotland) and iaims to capture excess renewable energy and store it for future use.
The project is still pending a final investment decision. In June 2021, the ILI group was authorised by the Scottish government to develop the Red John pumped-storage hydropower project worth £550m (€640m) on the shores of Loch Ness.
Statkraft has is a developer and operator of green energies such as wind, solar, hydropower, battery storage, and green hydrogen. It has over 350 hydropower plants, including one in Rheidol near Aberyswyth (Wales, United Kingdom). It has projects in planning or under construction that represent over GBP2bn (€2.33bn) of potential future capital investment in Scotland. The UK has an electricity capacity of 106 GW (end of 2022), with hydro accounting for 4% of it.
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